psalexa

Virtual Fitting Room Market To Generate Revenue Worth $19,250.4 Million by 2030

Published Date:   July 2020

The growing online shopping trend, increasing adoption of advanced technologies, and surging uptake of smartphones are the key factors that are boosting the adoption of virtual fitting rooms, globally. Owing to such factors, the global virtual fitting room market is projected to reach $19,250.4 million by 2030, advancing at a CAGR of 18.5% during the forecast period (2020–2030).

The virtual fitting room market has witnessed a fall in its revenue, primarily due to the global lockdown scenario, owing to the coronavirus (COVID-19) pandemic. Numerous factors, such as the downed shutters of shopping malls and physical retail stores, have negatively affected the market growth in 2020. However, the industry will experience a resurgence in its growth rate in the coming years. The increasing need of customers for solutions which are safe, with respect to the spread of the virus, is driving the adoption of virtual fitting rooms, as they offer an option to try on the products virtually, without physically visiting the store, and provide size recommendations for the perfect fit. These factors will propel the market growth in the future.

Apparel Category Held Largest Revenue Share in 2019

Based on application, the virtual fitting room market has been categorized into apparel, beauty and cosmetics, eyewear, footwear, jewelry and watches, and others. Among these, the apparel category held the largest market share in 2019. There are a large number of shoppers who purchase apparel through e-commerce platforms; however, due to size issues and the unavailability of product trials, the return rate is high. Retailers are therefore deploying virtual fitting room solutions, in order to offer customers an enhanced shopping experience and reduce the product return rate. Such factors would benefit the growth of the market in this category during the forecast period as well.

On the basis of end user, the virtual fitting room market has been categorized into physical stores and e-commerce platforms. During the forecast period, the adoption of the virtual fitting room technology in e-commerce platforms is projected to grow at the higher rate. With the growing number of companies shifting to the online retail landscape, it is becoming important for online retailers to take steps in order to differentiate themselves from their competitors. Owing to this, these businesses are increasingly offering personalized shopping experiences and virtual fitting room solutions to online customers.

Among all regions, North America generated the highest revenue in the virtual fitting room market in 2019. This was majorly due to the significant adoption of advanced technologies, such as augmented reality (AR) and virtual reality (VR), in the U.S. Today, AR provides customers with in-store navigation as well as helps them find the products they are looking for, through apps. Through a survey, it was found that nearly 40% of customers are willing to pay more for a product, if they can experience it first through AR. Companies are therefore implementing the AR and VR technologies to help their customers visualize how the products look on them, without physically trying them.

Players Are Attracting Clients to Increase Their Revenue

Players in the virtual fitting room market are pursuing client wins, in order to increase their revenue. For instance, in April 2019, Fit Analytics GmbH announced that the company has offered its Fit Finder size advisor product to the Brazilian womenswear brand AMARO. The product has been integrated for upper-body clothing, lower-body clothing, and footwear products, across all the digital sales channels of the brand. The size advisor providers customers with a reliable and simple way of exploring the right size, when purchasing any product at the company’s native application or its brick-and-mortar guide shops.

Similarly, in December 2018, Autumn Rock Limited (AstraFit) announced that Biba Apparels Pvt. Ltd., an Indian ethnic fashion company, has deployed its Astrafit’s virtual dressing room platform, in order to create a real-life fitting room experience, virtually, on its website. Within the first two months of AstraFit’s integration, Biba's conversion rate tripled, thereby boosting the revenue by 5%. Furthermore, pages viewed per visit and time spent on the website increased by 136% and 266%, respectively.

Browse report overview with detailed TOC on "Virtual Fitting Room Market Research Report: By Component (Software, Hardware, Service), Application (Apparel, Beauty and Cosmetics, Eyewear, Footwear, Jewelry and Watches), End User (Physical Stores, E-Commerce Platforms) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/virtual-fitting-room-market

Some of the major players operating in the virtual fitting room market include 3D-A-Porter Ltd., Autumn Rock Limited (AstraFit), True Fit Corporation, Else Corp Srl, Metail Limited, Fit Analytics GmbH, Zugara Inc., Coitor IT Tech Private Limited, Sizebay, Magic Mirror, Youbuy3D S.L. (Visualook), Fision AG, FXGear Inc., MemoMi Labs Inc., SenseMi Smart Solutions, Quakeup Media Production Inc. (triMirror), Virtusize Co. Ltd., and Reactive Reality AG.